QUESTION 1 A and B formed a partnership. The following are their contributions: Cash A 500,000 Accounts receivable 100,000 Building Total 700,000 700,000 600.000 A capital B, capital Total 600,000 700,000 700,000 600,000 Additional information: • The accounts receivable includes an 8% of the account that is deemed uncollectible. • The building is under-depreciated by P50,000. • The building has an unpaid mortgage P100,000, which is not assumed by the partnership. Requirement: Provide the joumal entry to record the contributions of the partners in the partnership books.

QUESTION 1 A and B formed a partnership. The following are their contributions: Cash A 500,000 Accounts receivable 100,000 Building Total 700,000 700,000 600.000 A capital B, capital Total 600,000 700,000 700,000 600,000 Additional information: • The accounts receivable includes an 8% of the account that is deemed uncollectible. • The building is under-depreciated by P50,000. • The building has an unpaid mortgage P100,000, which is not assumed by the partnership. Requirement: Provide the joumal entry to record the contributions of the partners in the partnership books.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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